Greece’s OPAP SA has published its financial results for the second quarter and the first half of 2025, showing overall growth despite a decline in sports betting revenue. Strong lottery demand, expanding digital activity, and strategic acquisitions were highlighted as key success factors.
Sports betting was the only segment to show a decline in Q2, falling 1.9% year-on-year to €178.2m, with last year’s UEFA Euro 2024 creating a high comparative base.
However, in the first six months of 2025, sports betting still delivered growth: revenue increased 5.2% to €368.2m, supported by the contribution of subsidiary Stoiximan. OPAP has also agreed to acquire the remaining 15.51% stake in Stoiximan for €191.6m, with completion expected in Q3 subject to regulatory approval in Cyprus.
Lotteries remain the group’s cornerstone. In Q2, lottery sales reached €180.9m, accounting for nearly one-third of total gross gaming revenue. Online lottery activity grew particularly strongly, with opaponline.gr up 30% compared to Q2 2024. For H1, lottery revenue increased 3.9% to €387.7m.
The company highlighted the contribution of its Tzoker game, which kept players engaged thanks to a series of “favourable jackpot rollovers.” Eurojackpot also gained traction, supported by a new marketing campaign that boosted retail footfall.
Other segments also showed growth:
- Video Lottery Terminals (VLTs): €85.8m in Q2 (+7.3%), €173.7m in H1 (+4.3%)
- Instant & Passive Games: €26.6m in Q2 (+7.8%), flat at €52.2m in H1
- Online Gaming (iGaming): €86.4m in Q2 (+24.4%), €171.3m in H1 (+22.1%)
Group revenue for Q2 rose 4.7% year-on-year to €557.9m:
- Net gaming revenue: €381.5m (+4.9%)
- Gross profit: €236.2m (+5.5%)
- EBITDA: €191.3m (+4.3%), margin 34.3%
- Net profit: €110.0m (+3.6%), EPS €0.3039
- Operating expenses: €114.9m (+5.8%)
For the half-year:
- Gross gaming revenue: €1.153bn (+6.5%)
- Net gaming revenue: €787.9m
- Gross profit: €487.0m (+8.1%)
- EBITDA: €398.4m (+6.6%), margin 34.6%
- Net profit: €233.4m (+6.3%), EPS €0.6451
- Operating expenses: €228.2m (+6.7%)
CEO, Jan Karas, said: “Q2 2025 was another strong quarter for OPAP, with solid financial results delivering 4.7% y-o-y top-line growth, despite tough sports betting comparables due to the Euro 2024 tournament.
“Overall, the Q2 results reflect the successful execution of our business strategy, as well as our ability to generate sustainable value. In this framework and in line with our commitment to delivering strong shareholder returns, we are pleased to announce an interim dividend of €0.50 per share.”
Leadership is preparing for the Greek government’s next lottery concession, which will take effect after the current agreement ends on 1 May 2026. OPAP has been shortlisted for Phase B of the process alongside Brightstar Global Solutions. Securing the concession is seen as vital for both OPAP and its parent company, Allwyn.
At the same time, the group is diversifying through iGaming growth and by consolidating full ownership of Stoiximan.
At the end of June, net debt stood at €147.7m, with a ratio to LTM EBITDA of 0.17x (0.20x including leases). Total assets were €1.92bn and equity €556.8m.
Karas concluded: “Looking ahead, we remain focused on the implementation of our strategic priorities, while continuing to uphold our ESG commitments and create value for all our stakeholders.”
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